Home Stop sells two product categories, furniture and accessories. Information pertaining to its year-end inventory is as follows: Inventory, by Product Category Quantity Per Unit Cost Market Furniture: Chairs 50 $ 38 $ 44 70 86 71 30 97 105 60 73 61 50 35 31 Desks Tables: Accessories: Rugs Lamps Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individ products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the L applications in requirement 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. Product Cost Market Lower of cost or market By Individual By Product Products Categories By Total Inventory Furniture: Chairs $ 38 $ 44 $ 1,900 Desks 86 71 4,970 Tables 97 105 2,910 Total furniture $ 221 $ 220 $ 10,320 Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the LCM applications in requirement 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. Product Cost Lower of cost or market Market By Individual Products By Product Categories By Total Inventory Furniture: Chairs $ 38 $ 44 $ 1,900 Desks 86 71 4,970 Tables 97 105 2,910 Total furniture. $ 221 $ 220 $ 10,320 Accessories: Rugs $ 73 $ 61 3,660 Lamps 35 31 1,550 Total accessories $ 108 $ 92 5,210 Total $ 329 $ 312 $ 14,990 $ 15,530 $ 15,530 Required 1 Required 2 > Required: 1. Determine the carrying value of inventory at year-end, assuming the lower of cost or market (LCM) rule is applied to (a) individual products, (b) product categories, and (c) total inventory. 2. Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the LCM applications in requirement 1. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Assuming inventory write-downs are common for Home Stop, record any necessary year-end adjusting entry for each of the LCM applications in requirement 1. View transaction list View journal entry worksheet No Transaction General Journal 1 1 Cost of goods sold Inventory < Required 1 Required 2 Debit Credit